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Public Investment in a Developing Country Facing Resource Depletion

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by Adrian Alter & Matteo Ghilardi
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Public Investment in a Developing Country Facing Resource Depletion by Adrian Alter & Matteo Ghilardi

This paper analyzes the tradeoffs between savings, debt and public investment in the Republic of Congo, a developing country with looming oil exhaustibility concerns. Our results highlight the risks to fiscal and capital sustainability of oil exporting countries from large scaling-up in public investment and oil price volatility in view of a projected decline in the oil revenue to GDP ratio. However, structural reforms that improve the efficiency of public investment can allow for a relatively faster buildup of sustainable public capital and sustain higher non-oil growth without adversely affecting the debt ratio or savings. Moreover, we show that even if a government pursues prudent fiscal policy that preserves resource wealth and debt sustainability in the face of exhaustible and volatile resource revenues, low public investment quality in the form of a misallocation of resources can hinder attainment of sustainable public capital and positive non-oil growth.

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Ebook Details
Pages: 35
Size: 4.3 MB
Publisher: INTERNATIONAL MONETARY FUND
Date published:   2015
ISBN: 9781513597577 (DRM-EPUB)
9781513596358 (DRM-PDF)

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This product is listed in the following categories:

Nonfiction > Business & Economics > Economics
Nonfiction > Business & Economics > International > Economics
Nonfiction > Business & Economics > Economics > Macroeconomics

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Nonfiction > Business & Economics
Nonfiction > Business & Economics > Labor
Nonfiction > Business & Economics > Banks & Banking
Nonfiction > Business & Economics > Economics
Nonfiction > Business & Economics > International > Economics
Nonfiction > Business & Economics > Economics > Macroeconomics

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01/23/2017
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